My Credit Union

Nonprofit profile at a glance

EIN
410824021
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bloomington, MN, USA
Phone
6127987100
Rating confidence
Limited

Official website

Reported finances

Revenue
$19,141,834
Expenses
$18,447,257
Assets
$376,551,920
Liabilities
$341,399,769

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • GREG WORTHEN (PRESIDENT)
  • KAREN HOEPPNER (VICE PRESIDENT, LENDING)
  • JOHN DEBETTIGNIES (VICE PRESIDENT, MEMBER SER)
  • PIERRE MERLIN (VICE PRESIDENT, IT)
  • TODD BARDUSON (VICE PRESIDENT, MARKETING)
  • TERRY STIREWALT (VICE PRESIDENT, COMMERCIAL)

Highest reported compensation

  • GREG WORTHEN (PRESIDENT): $494,293 total reported compensation
  • RICK RASMUSSON (CHIEF FINANCIAL OFFICER): $258,197 total reported compensation
  • KAREN HOEPPNER (VICE PRESIDENT, LENDING): $220,909 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide lending, savings and other financial services to our qualifying members at terms generally better than available in the marketplace and with a "service based emphasis" that recognizes the members' status as owners.

What it reported doing in 2024

Provided outstanding personal and remote access to financial services. In addition to four in-person branches, my credit union members accessed financial service through the use of 4 surcharge free atm's, over 6,770 credit cards, over 25,575 debit cards, and nearly 13,189 members using our internet banking site.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 87
  • Accountability: 86
  • Sustainability: 54
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.6%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 20.41; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 11.6%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 4.2% per year; rating input score 100; 30th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $494K · 19 people listed · 6 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.2M reported
  • Consistency: 10 of 11 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.